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1. Identify a publicly traded company that you are interested in. Identify the book value of equity as well as the market capitalization as of the most recent financial statement date. Assess if there is a difference in valuation between the book value and market capitalization. Provide a readable screen shot of your company's balance sheet equity section as well as your calculations of book value of equity and market capitalization.

2. Discuss possible causes of the difference in valuation identified in question one. When possible, correlate your rationale with topics we covered in class.

JPMorgan Chase & Co. Consolidated statements of cash flows Year ended December 31, (in millions) 2021 2020 2019 Operating activities Net income $ 48,334 $ 29,131 $36,431 Adjustments to reconcile net income to net cash provided by/(used in) operating activities: Provision for credit losses 17,480 5,585 Depreciation and amortization 8,614 8,368 (9,256) 7,932 3,748 3,274 Deferred tax (benefit)/expense 1,270 (3.573) 1,649 Other 1,996 (169,289) Originations and purchases of loans held-for-sale (347,864) (166.504) 336,413 Proceeds from sales, securitizations and paydowns of loans held-for-sale 175,490 171,415 Net change in: Trading assets 6,551 (27,631) Securities borrowed 85,710 (148,749) (45,635) (20,734) (12,401) (18,012) (11,745) (42,430) Accrued interest and accounts receivable (78) Other assets (17,777) Trading liabilities (23,190) 77,198 (14,516) Accounts payable and other liabilities 43,162 7,415 (466) Other operating adjustments (398) 3,115 Net cash provided by/(used in) operating activities 78,084 (79,910) Investing activities Net change in: Federal funds sold and securities purchased under resale agreements 34,473 (47,115) Held-to-maturity securities: Proceeds from paydowns and maturities 50,897 21,360 Purchases (111,756) (12,400) Available-for-sale securities: Proceeds from paydowns and maturities 50,075 57,675 Proceeds from sales 162,748 149,758 Purchases (248,785) (397,145) Proceeds from sales and securitizations of loans held-for-investment 35,845 23.559 Other changes in loans, net (91,797) (50,263) All other investing activities, net (11,044) (7.341) Net cash (used in) investing activities. (129,344) (261,912) Financing activities Net change in: Deposits 293,764 602,765 Federal funds purchased and securities loaned or sold under repurchase agreements (20,799) 31.528 Short-term borrowings 7,773 4,438 Beneficial interests issued by consolidated VIES (4,254) 1,347 Proceeds from long-term borrowings 82,409 78,686 Payments of long-term borrowings (54,932) (105,055) Proceeds from issuance of preferred stock 7,350 4,500 Redemption of preferred stock (2,575) (1,430) Treasury stock repurchased (18,408) (6.517) Dividends paid (12,858) (12,690) All other financing activities, net (1,477) (927) Net cash provided by financing activities 275,993 596,645 Effect of exchange rate changes on cash and due from banks and deposits with banks (11,508) 9,155 (182) Net increase/(decrease) in cash and due from banks and deposits with banks 213,225 263,978 (15,162) 527,609 263,631 278,793 Cash and due from banks and deposits with banks at the beginning of the period Cash and due from banks and deposits with banks at the end of the period $ 263,631 Cash interest paid $ 740,834 $ 527,609 5,142 $ 13,077 18,737 8.140 $ $ 29,918 6,224 Cash income taxes paid, neta (a) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 25 for further information on revisions to operating activities. The Notes to Consolidated Financial Statements are an integral part of these statements. 164 JPMorgan Chase & Co./2021 Form 10-K 2,233 4,092 72,396 3,423 (13,427) 52,200 70,181 (242,149) 62,095 (51,743) (5,035) (52,059) 101,002 1,347 (28.561) 4,289 61,085 (69,610) 5,000 (4,075) (24,001) (12,343) (1,146) 32,987 JPMorgan Chase & Co. Consolidated statements of changes in stockholders' equity Year ended December 31, (in millions, except per share data) Preferred stock Balance at January 1 Issuance Redemption Balance at December 31 Common stock Balance at January 1 and December 31 Additional paid-in capital Balance at January 1 Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects Other Balance at December 31 Retained earnings Balance at January 1 Cumulative effect of change in accounting principles Net income Dividends declared: Preferred stock Common stock ($3.80, $3.60 and $3.40 per share for 2021, 2020 and 2019, respectively) Balance at December 31 Accumulated other comprehensive income/(loss) Balance at January 1 Other comprehensive income/(loss), after-tax Balance at December 31 Shares held in RSU Trust, at cost Balance at January 1 Liquidation of RSU Trust Balance at December 31 Treasury stock, at cost Balance at January 1 Repurchase Reissuance Balance at December 31 Total stockholders' equity Effective January 1, 2020, the Firm adopted the CECL accounting guidance. Refer to Note 1 for further information. The Notes to Consolidated Financial Statements are an integral part of these statements. 2021 2020 2019 $ 30,063 $ 26,993 $ 26,068 7,350 4,500 5,000 (2,575) (1,430) (4.075) 34,838 30,063 26,993 4,105 4,105 4,105 88,394 88,522 89,162 152 (131) (72) (56) (591) (49) 88,522 199,202 62 36,431 (1,587) (10,897) 223,211 88,415 88,394 236,990 223,211 (2,650) 48,334 29,131 (1,600) (1,583) (11,456) (11,119) 272,268 236,990 7,986 1,569 (8,070) 6,417 (84) 7,986 (21) (21) 21 (21) (88,184) (83,049) (60,494) (6,397) (24,121) (18,448) 1,217 1,262 1,566 (83,049) (105,415) (88,184) $ 294,127 $ 279,354 $261,330 (1,507) 3,076 1,569 JPMorgan Chase & Co. Consolidated balance sheets December 31, (in millions, except share data) Assets Cash and due from banks $ 24,874 Deposits with banks 714,396 502,735 261,698 296,284 Federal funds sold and securities purchased under resale agreements (included $252,720 and $238,015 at fair value) Securities borrowed (included $81,463 and $52,983 at fair value) 206,071 160,635 Trading assets (included assets pledged of $102,710 and $130,645) 433,575 503,126 Available-for-sale securities (amortized cost of $308,254 and $381,729, net of allowance for credit losses; included assets pledged of $18,268 and $32,227) 308,525 388,178 Held-to-maturity securities, net of allowance for credit losses 363,707 201,821 Investment securities, net of allowance for credit losses 672,232 589,999 1,077,714 1,012,853. Loans (included $58,820 and $44,474 at fair value) Allowance for loan losses (16,386) (28,328) 1,061,328 984,525 Loans, net of allowance for loan losses Accrued interest and accounts receivable: 102,570 90,503 Premises and equipment. 27,070 27,109 Goodwill, MSRS and other intangible assets 53,428 56,691 181,498 151,539 Other assets (included $14,753 and $13,827 at fair value and assets pledged of $5,298 and $3,739) (a) Total assets(b) $ 3,743,567 $ 3,384,757 Liabilities Deposits (included $11,333 and $14,484 at fair value) $ 2,462,303 $ 2,144,257 Federal funds purchased and securities loaned or sold under repurchase agreements (included $126,435 and $155,735 at fair value) 194,340 215,209 Short-term borrowings (included $20,015 and $16,893 at fair value) 53,594 45,208 Trading liabilities 164,693 170,181 Accounts payable and other liabilities (included $5,651 and $3,476 at fair value)(a) 262,755 231,285 Beneficial interests issued by consolidated VIEs (included $12 and $41 at fair value) 10,750 17,578 Long-term debt (included $74,934 and $76,817 at fair value) 301,005 281.685. Total liabilities(b) 3,449,440 3,105,403 Commitments and contingencies (refer to Notes 28, 29 and 30) Stockholders' equity 34,838 30,063 Preferred stock ($1 par value; authorized 200,000,000 shares: issued 3,483,750 and 3,006,250 shares) Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares) 4,105 4,105 Additional paid-in capital 88,415 88,394 Retained earnings 272,268 236,990 Accumulated other comprehensive income (84) 7,986 Treasury stock, at cost (1,160,784,750 and 1,055,499,435 shares) (88,184) (105,415) 294,127 Total stockholders' equity 279,354 Total liabilities and stockholders' equity $ 3,743,567 $ 3,384,757 (a) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 25 for further information. (b) The following table presents information on assets and liabilities related to VIES that are consolidated by the Firm at December 31, 2021 and 2020. The assets of the consolidated VIES are used to settle the liabilities of those entities. The holders of the beneficial interests do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIES and exclude intercompany balances that eliminate in consolidation. Refer to Note 14 for a further discussion. December 31, (in millions) 2021 2020 Assets Trading assets $ $ Loans 2,010 33,024 490 35,524 $ All other assets Total assets $ Liabilities Beneficial interests issued by consolidated VIES $ All other liabilities. 10,750 $ 245 10,995 $ Total liabilities $ The Notes to Consolidated Financial Statements are an integral part of these statements. 2021 26,438 $ 2020 1,934 37,619 681 40,234 17,578 233 17,811 JPMorgan Chase & Co. Consolidated balance sheets December 31, (in millions, except share data) Assets Cash and due from banks $ 24,874 Deposits with banks 714,396 502,735 261,698 296,284 Federal funds sold and securities purchased under resale agreements (included $252,720 and $238,015 at fair value) Securities borrowed (included $81,463 and $52,983 at fair value) 206,071 160,635 Trading assets (included assets pledged of $102,710 and $130,645) 433,575 503,126 Available-for-sale securities (amortized cost of $308,254 and $381,729, net of allowance for credit losses; included assets pledged of $18,268 and $32,227) 308,525 388,178 Held-to-maturity securities, net of allowance for credit losses 363,707 201,821 Investment securities, net of allowance for credit losses 672,232 589,999 1,077,714 1,012,853. Loans (included $58,820 and $44,474 at fair value) Allowance for loan losses (16,386) (28,328) 1,061,328 984,525 Loans, net of allowance for loan losses Accrued interest and accounts receivable: 102,570 90,503 Premises and equipment. 27,070 27,109 Goodwill, MSRS and other intangible assets 53,428 56,691 181,498 151,539 Other assets (included $14,753 and $13,827 at fair value and assets pledged of $5,298 and $3,739) (a) Total assets(b) $ 3,743,567 $ 3,384,757 Liabilities Deposits (included $11,333 and $14,484 at fair value) $ 2,462,303 $ 2,144,257 Federal funds purchased and securities loaned or sold under repurchase agreements (included $126,435 and $155,735 at fair value) 194,340 215,209 Short-term borrowings (included $20,015 and $16,893 at fair value) 53,594 45,208 Trading liabilities 164,693 170,181 Accounts payable and other liabilities (included $5,651 and $3,476 at fair value)(a) 262,755 231,285 Beneficial interests issued by consolidated VIEs (included $12 and $41 at fair value) 10,750 17,578 Long-term debt (included $74,934 and $76,817 at fair value) 301,005 281.685. Total liabilities(b) 3,449,440 3,105,403 Commitments and contingencies (refer to Notes 28, 29 and 30) Stockholders' equity 34,838 30,063 Preferred stock ($1 par value; authorized 200,000,000 shares: issued 3,483,750 and 3,006,250 shares) Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares) 4,105 4,105 Additional paid-in capital 88,415 88,394 Retained earnings 272,268 236,990 Accumulated other comprehensive income (84) 7,986 Treasury stock, at cost (1,160,784,750 and 1,055,499,435 shares) (88,184) (105,415) 294,127 Total stockholders' equity 279,354 Total liabilities and stockholders' equity $ 3,743,567 $ 3,384,757 (a) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 25 for further information. (b) The following table presents information on assets and liabilities related to VIES that are consolidated by the Firm at December 31, 2021 and 2020. The assets of the consolidated VIES are used to settle the liabilities of those entities. The holders of the beneficial interests do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIES and exclude intercompany balances that eliminate in consolidation. Refer to Note 14 for a further discussion. December 31, (in millions) 2021 2020 Assets Trading assets $ $ Loans 2,010 33,024 490 35,524 $ All other assets Total assets $ Liabilities Beneficial interests issued by consolidated VIES $ All other liabilities. 10,750 $ 245 10,995 $ Total liabilities $ The Notes to Consolidated Financial Statements are an integral part of these statements. 2021 26,438 $ 2020 1,934 37,619 681 40,234 17,578 233 17,811 Distribution of assets, liabilities and stockholders' equity; interest rates and interest differentials Consolidated average balance sheets, interest and rates Provided below is a summary of JPMorgan Chase's consolidated average balances, interest and rates on a taxable equivalent basis for the years 2019 through 2021. Income computed on a taxable-equivalent basis is the income reported in the Consolidated statements of income, adjusted to present interest income and rates earned on assets exempt from income taxes (i.e., federal taxes) on a basis comparable with other taxable investments. The incremental tax rate used for calculating the taxable- equivalent adjustment was approximately 24% in 2021, 2020 and 2019. (Table continued on next page) (Unaudited) 2021 Year ended December 31, Average balance (h) Rate (Taxable-equivalent interest and rates; in millions, except rates). Assets Deposits with banks 0.07 % 0.36 Federal funds sold and securities purchased under resale agreements Securities borrowed (0.20) Trading assets - debt instruments 2.42 Taxable securities 1.15 Non-taxable securities(a) 4.33 Total investment securities 1.31 Loans 4.02 All other interest-earning assets 0.73 Total interest-earning assets 1.81 Allowance for loan losses (22,179) Cash and due from banks 26,776 172,822 Trading assets - equity and other instruments Trading assets - derivative receivables 69,101 55,003 Goodwill, MSRS and other intangible assets All other noninterest-earning assets) 207,737 Total assets 3,725,202 Liabilities Interest-bearing deposits 1,694,865 0.03 % 259,302 0.11 Federal funds purchased and securities loaned or sold under repurchase agreements (d) Short-term borrowings 44,618 0.28 Trading liabilities - debt and all other interest-bearing liabilities) 241,431 0.11 Beneficial interests issued by consolidated VIES 14,595 83 0.57 Long-term debt 250,378 4,282 1.71 Total interest-bearing liabilities 2,505,189 5,553 0.22 Noninterest-bearing deposits 652,289 Trading liabilities - equity and other instruments") 36,656 Trading liabilities - derivative payables 60,318 All other liabilities, including the allowance for lending-related commitments) 186,755 Total liabilities 3,441,207 Stockholders' equity Preferred stock 33,027 Common stockholders' equity Total stockholders' equity 250,968 (8) 283,995 3,725,202 Total liabilities and stockholders' equity $ Interest rate spread 1.59% Net interest income and net yield on interest-earning assets $ 52,741 1.64 (a) Represents securities that are tax-exempt for U.S. federal income tax purposes. (b) Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated Balance Sheets. (c) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 25 for further information. (d) Includes commercial paper. (e) All other interest-bearing liabilities include brokerage-related customer payables. Within the Consolidated average balance sheets, interest and rates summary, the principal amounts of nonaccrual loans have been included in the average loan balances used to determine the average interest rate earned on loans. Refer to Note 12 for additional information on nonaccrual loans, including interest accrued. $ $ $ 719,772 269,231 190,655 283,829 563,147 30,830 593,977 1,035,399 123,079 3,215,942 $ $ Interest 512 958 (385) 6,856 6,460 1,336 7,796 41,6630) 894 58,294 531 274 126 257 () (K) (1) JPMorgan Chase & Co. Consolidated statements of cash flows Year ended December 31, (in millions) 2021 2020 2019 Operating activities Net income $ 48,334 $ 29,131 $36,431 Adjustments to reconcile net income to net cash provided by/(used in) operating activities: Provision for credit losses 17,480 5,585 Depreciation and amortization 8,614 8,368 (9,256) 7,932 3,748 3,274 Deferred tax (benefit)/expense 1,270 (3.573) 1,649 Other 1,996 (169,289) Originations and purchases of loans held-for-sale (347,864) (166.504) 336,413 Proceeds from sales, securitizations and paydowns of loans held-for-sale 175,490 171,415 Net change in: Trading assets 6,551 (27,631) Securities borrowed 85,710 (148,749) (45,635) (20,734) (12,401) (18,012) (11,745) (42,430) Accrued interest and accounts receivable (78) Other assets (17,777) Trading liabilities (23,190) 77,198 (14,516) Accounts payable and other liabilities 43,162 7,415 (466) Other operating adjustments (398) 3,115 Net cash provided by/(used in) operating activities 78,084 (79,910) Investing activities Net change in: Federal funds sold and securities purchased under resale agreements 34,473 (47,115) Held-to-maturity securities: Proceeds from paydowns and maturities 50,897 21,360 Purchases (111,756) (12,400) Available-for-sale securities: Proceeds from paydowns and maturities 50,075 57,675 Proceeds from sales 162,748 149,758 Purchases (248,785) (397,145) Proceeds from sales and securitizations of loans held-for-investment 35,845 23.559 Other changes in loans, net (91,797) (50,263) All other investing activities, net (11,044) (7.341) Net cash (used in) investing activities. (129,344) (261,912) Financing activities Net change in: Deposits 293,764 602,765 Federal funds purchased and securities loaned or sold under repurchase agreements (20,799) 31.528 Short-term borrowings 7,773 4,438 Beneficial interests issued by consolidated VIES (4,254) 1,347 Proceeds from long-term borrowings 82,409 78,686 Payments of long-term borrowings (54,932) (105,055) Proceeds from issuance of preferred stock 7,350 4,500 Redemption of preferred stock (2,575) (1,430) Treasury stock repurchased (18,408) (6.517) Dividends paid (12,858) (12,690) All other financing activities, net (1,477) (927) Net cash provided by financing activities 275,993 596,645 Effect of exchange rate changes on cash and due from banks and deposits with banks (11,508) 9,155 (182) Net increase/(decrease) in cash and due from banks and deposits with banks 213,225 263,978 (15,162) 527,609 263,631 278,793 Cash and due from banks and deposits with banks at the beginning of the period Cash and due from banks and deposits with banks at the end of the period $ 263,631 Cash interest paid $ 740,834 $ 527,609 5,142 $ 13,077 18,737 8.140 $ $ 29,918 6,224 Cash income taxes paid, neta (a) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 25 for further information on revisions to operating activities. The Notes to Consolidated Financial Statements are an integral part of these statements. 164 JPMorgan Chase & Co./2021 Form 10-K 2,233 4,092 72,396 3,423 (13,427) 52,200 70,181 (242,149) 62,095 (51,743) (5,035) (52,059) 101,002 1,347 (28.561) 4,289 61,085 (69,610) 5,000 (4,075) (24,001) (12,343) (1,146) 32,987 JPMorgan Chase & Co. Consolidated statements of changes in stockholders' equity Year ended December 31, (in millions, except per share data) Preferred stock Balance at January 1 Issuance Redemption Balance at December 31 Common stock Balance at January 1 and December 31 Additional paid-in capital Balance at January 1 Shares issued and commitments to issue common stock for employee share-based compensation awards, and related tax effects Other Balance at December 31 Retained earnings Balance at January 1 Cumulative effect of change in accounting principles Net income Dividends declared: Preferred stock Common stock ($3.80, $3.60 and $3.40 per share for 2021, 2020 and 2019, respectively) Balance at December 31 Accumulated other comprehensive income/(loss) Balance at January 1 Other comprehensive income/(loss), after-tax Balance at December 31 Shares held in RSU Trust, at cost Balance at January 1 Liquidation of RSU Trust Balance at December 31 Treasury stock, at cost Balance at January 1 Repurchase Reissuance Balance at December 31 Total stockholders' equity Effective January 1, 2020, the Firm adopted the CECL accounting guidance. Refer to Note 1 for further information. The Notes to Consolidated Financial Statements are an integral part of these statements. 2021 2020 2019 $ 30,063 $ 26,993 $ 26,068 7,350 4,500 5,000 (2,575) (1,430) (4.075) 34,838 30,063 26,993 4,105 4,105 4,105 88,394 88,522 89,162 152 (131) (72) (56) (591) (49) 88,522 199,202 62 36,431 (1,587) (10,897) 223,211 88,415 88,394 236,990 223,211 (2,650) 48,334 29,131 (1,600) (1,583) (11,456) (11,119) 272,268 236,990 7,986 1,569 (8,070) 6,417 (84) 7,986 (21) (21) 21 (21) (88,184) (83,049) (60,494) (6,397) (24,121) (18,448) 1,217 1,262 1,566 (83,049) (105,415) (88,184) $ 294,127 $ 279,354 $261,330 (1,507) 3,076 1,569 JPMorgan Chase & Co. Consolidated balance sheets December 31, (in millions, except share data) Assets Cash and due from banks $ 24,874 Deposits with banks 714,396 502,735 261,698 296,284 Federal funds sold and securities purchased under resale agreements (included $252,720 and $238,015 at fair value) Securities borrowed (included $81,463 and $52,983 at fair value) 206,071 160,635 Trading assets (included assets pledged of $102,710 and $130,645) 433,575 503,126 Available-for-sale securities (amortized cost of $308,254 and $381,729, net of allowance for credit losses; included assets pledged of $18,268 and $32,227) 308,525 388,178 Held-to-maturity securities, net of allowance for credit losses 363,707 201,821 Investment securities, net of allowance for credit losses 672,232 589,999 1,077,714 1,012,853. Loans (included $58,820 and $44,474 at fair value) Allowance for loan losses (16,386) (28,328) 1,061,328 984,525 Loans, net of allowance for loan losses Accrued interest and accounts receivable: 102,570 90,503 Premises and equipment. 27,070 27,109 Goodwill, MSRS and other intangible assets 53,428 56,691 181,498 151,539 Other assets (included $14,753 and $13,827 at fair value and assets pledged of $5,298 and $3,739) (a) Total assets(b) $ 3,743,567 $ 3,384,757 Liabilities Deposits (included $11,333 and $14,484 at fair value) $ 2,462,303 $ 2,144,257 Federal funds purchased and securities loaned or sold under repurchase agreements (included $126,435 and $155,735 at fair value) 194,340 215,209 Short-term borrowings (included $20,015 and $16,893 at fair value) 53,594 45,208 Trading liabilities 164,693 170,181 Accounts payable and other liabilities (included $5,651 and $3,476 at fair value)(a) 262,755 231,285 Beneficial interests issued by consolidated VIEs (included $12 and $41 at fair value) 10,750 17,578 Long-term debt (included $74,934 and $76,817 at fair value) 301,005 281.685. Total liabilities(b) 3,449,440 3,105,403 Commitments and contingencies (refer to Notes 28, 29 and 30) Stockholders' equity 34,838 30,063 Preferred stock ($1 par value; authorized 200,000,000 shares: issued 3,483,750 and 3,006,250 shares) Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares) 4,105 4,105 Additional paid-in capital 88,415 88,394 Retained earnings 272,268 236,990 Accumulated other comprehensive income (84) 7,986 Treasury stock, at cost (1,160,784,750 and 1,055,499,435 shares) (88,184) (105,415) 294,127 Total stockholders' equity 279,354 Total liabilities and stockholders' equity $ 3,743,567 $ 3,384,757 (a) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 25 for further information. (b) The following table presents information on assets and liabilities related to VIES that are consolidated by the Firm at December 31, 2021 and 2020. The assets of the consolidated VIES are used to settle the liabilities of those entities. The holders of the beneficial interests do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIES and exclude intercompany balances that eliminate in consolidation. Refer to Note 14 for a further discussion. December 31, (in millions) 2021 2020 Assets Trading assets $ $ Loans 2,010 33,024 490 35,524 $ All other assets Total assets $ Liabilities Beneficial interests issued by consolidated VIES $ All other liabilities. 10,750 $ 245 10,995 $ Total liabilities $ The Notes to Consolidated Financial Statements are an integral part of these statements. 2021 26,438 $ 2020 1,934 37,619 681 40,234 17,578 233 17,811 JPMorgan Chase & Co. Consolidated balance sheets December 31, (in millions, except share data) Assets Cash and due from banks $ 24,874 Deposits with banks 714,396 502,735 261,698 296,284 Federal funds sold and securities purchased under resale agreements (included $252,720 and $238,015 at fair value) Securities borrowed (included $81,463 and $52,983 at fair value) 206,071 160,635 Trading assets (included assets pledged of $102,710 and $130,645) 433,575 503,126 Available-for-sale securities (amortized cost of $308,254 and $381,729, net of allowance for credit losses; included assets pledged of $18,268 and $32,227) 308,525 388,178 Held-to-maturity securities, net of allowance for credit losses 363,707 201,821 Investment securities, net of allowance for credit losses 672,232 589,999 1,077,714 1,012,853. Loans (included $58,820 and $44,474 at fair value) Allowance for loan losses (16,386) (28,328) 1,061,328 984,525 Loans, net of allowance for loan losses Accrued interest and accounts receivable: 102,570 90,503 Premises and equipment. 27,070 27,109 Goodwill, MSRS and other intangible assets 53,428 56,691 181,498 151,539 Other assets (included $14,753 and $13,827 at fair value and assets pledged of $5,298 and $3,739) (a) Total assets(b) $ 3,743,567 $ 3,384,757 Liabilities Deposits (included $11,333 and $14,484 at fair value) $ 2,462,303 $ 2,144,257 Federal funds purchased and securities loaned or sold under repurchase agreements (included $126,435 and $155,735 at fair value) 194,340 215,209 Short-term borrowings (included $20,015 and $16,893 at fair value) 53,594 45,208 Trading liabilities 164,693 170,181 Accounts payable and other liabilities (included $5,651 and $3,476 at fair value)(a) 262,755 231,285 Beneficial interests issued by consolidated VIEs (included $12 and $41 at fair value) 10,750 17,578 Long-term debt (included $74,934 and $76,817 at fair value) 301,005 281.685. Total liabilities(b) 3,449,440 3,105,403 Commitments and contingencies (refer to Notes 28, 29 and 30) Stockholders' equity 34,838 30,063 Preferred stock ($1 par value; authorized 200,000,000 shares: issued 3,483,750 and 3,006,250 shares) Common stock ($1 par value; authorized 9,000,000,000 shares; issued 4,104,933,895 shares) 4,105 4,105 Additional paid-in capital 88,415 88,394 Retained earnings 272,268 236,990 Accumulated other comprehensive income (84) 7,986 Treasury stock, at cost (1,160,784,750 and 1,055,499,435 shares) (88,184) (105,415) 294,127 Total stockholders' equity 279,354 Total liabilities and stockholders' equity $ 3,743,567 $ 3,384,757 (a) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 25 for further information. (b) The following table presents information on assets and liabilities related to VIES that are consolidated by the Firm at December 31, 2021 and 2020. The assets of the consolidated VIES are used to settle the liabilities of those entities. The holders of the beneficial interests do not have recourse to the general credit of JPMorgan Chase. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIES and exclude intercompany balances that eliminate in consolidation. Refer to Note 14 for a further discussion. December 31, (in millions) 2021 2020 Assets Trading assets $ $ Loans 2,010 33,024 490 35,524 $ All other assets Total assets $ Liabilities Beneficial interests issued by consolidated VIES $ All other liabilities. 10,750 $ 245 10,995 $ Total liabilities $ The Notes to Consolidated Financial Statements are an integral part of these statements. 2021 26,438 $ 2020 1,934 37,619 681 40,234 17,578 233 17,811 Distribution of assets, liabilities and stockholders' equity; interest rates and interest differentials Consolidated average balance sheets, interest and rates Provided below is a summary of JPMorgan Chase's consolidated average balances, interest and rates on a taxable equivalent basis for the years 2019 through 2021. Income computed on a taxable-equivalent basis is the income reported in the Consolidated statements of income, adjusted to present interest income and rates earned on assets exempt from income taxes (i.e., federal taxes) on a basis comparable with other taxable investments. The incremental tax rate used for calculating the taxable- equivalent adjustment was approximately 24% in 2021, 2020 and 2019. (Table continued on next page) (Unaudited) 2021 Year ended December 31, Average balance (h) Rate (Taxable-equivalent interest and rates; in millions, except rates). Assets Deposits with banks 0.07 % 0.36 Federal funds sold and securities purchased under resale agreements Securities borrowed (0.20) Trading assets - debt instruments 2.42 Taxable securities 1.15 Non-taxable securities(a) 4.33 Total investment securities 1.31 Loans 4.02 All other interest-earning assets 0.73 Total interest-earning assets 1.81 Allowance for loan losses (22,179) Cash and due from banks 26,776 172,822 Trading assets - equity and other instruments Trading assets - derivative receivables 69,101 55,003 Goodwill, MSRS and other intangible assets All other noninterest-earning assets) 207,737 Total assets 3,725,202 Liabilities Interest-bearing deposits 1,694,865 0.03 % 259,302 0.11 Federal funds purchased and securities loaned or sold under repurchase agreements (d) Short-term borrowings 44,618 0.28 Trading liabilities - debt and all other interest-bearing liabilities) 241,431 0.11 Beneficial interests issued by consolidated VIES 14,595 83 0.57 Long-term debt 250,378 4,282 1.71 Total interest-bearing liabilities 2,505,189 5,553 0.22 Noninterest-bearing deposits 652,289 Trading liabilities - equity and other instruments") 36,656 Trading liabilities - derivative payables 60,318 All other liabilities, including the allowance for lending-related commitments) 186,755 Total liabilities 3,441,207 Stockholders' equity Preferred stock 33,027 Common stockholders' equity Total stockholders' equity 250,968 (8) 283,995 3,725,202 Total liabilities and stockholders' equity $ Interest rate spread 1.59% Net interest income and net yield on interest-earning assets $ 52,741 1.64 (a) Represents securities that are tax-exempt for U.S. federal income tax purposes. (b) Includes brokerage-related held-for-investment customer receivables, which are classified in accrued interest and accounts receivable, and all other interest-earning assets, which are classified in other assets on the Consolidated Balance Sheets. (c) Prior-period amounts have been revised to conform with the current presentation. Refer to Note 25 for further information. (d) Includes commercial paper. (e) All other interest-bearing liabilities include brokerage-related customer payables. Within the Consolidated average balance sheets, interest and rates summary, the principal amounts of nonaccrual loans have been included in the average loan balances used to determine the average interest rate earned on loans. Refer to Note 12 for additional information on nonaccrual loans, including interest accrued. $ $ $ 719,772 269,231 190,655 283,829 563,147 30,830 593,977 1,035,399 123,079 3,215,942 $ $ Interest 512 958 (385) 6,856 6,460 1,336 7,796 41,6630) 894 58,294 531 274 126 257 () (K) (1)

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